October 2008

IN PRACTICE

A Showcase of Tax Research

This selection of tax journal articles yields insights for practitioners into taxpayer and tax preparer psychology, tax ethics, legal research and compliance.

TAX / BUSINESS & INDUSTRY

Tax Treatment of Rebates May Be Clearing Up

Here’s how to manage these payments’ tax recognition.

FINANCIAL REPORTING / TAX

Derivatives and Hedging: Accounting vs. Taxation

Companies hedge risks more and more commonly with these instruments. Here’s how to reconcile the differences in treatment between financial and tax accounting.

PROFESSIONAL ISSUES

Refocusing on Reliability

Members of the AICPA’s Reliability Task Force outline an evolving refocus on reliability and prospective changes in compilation and review standards.

News Analysis / International

Profession Reacts to IFRS Plan

For U.S. GAAP, the end of an era could be in the making. In August, the SEC unveiled a proposed road map that begins to widen the acceptance of International Financial Reporting Standards. The plan could lead to a requirement for U.S. public companies to begin using IFRS by 2014.

TECHNOLOGY / FINANCIAL REPORTING

XBRL Around the World

Seeking proof that this evolving language for financial and business information can deliver on its promises of superior data and vastly improved communication, the author interviewed key stakeholders around the world to see who the early adopters are and explore the many ways XBRL is already being used.

HEADLINER Q&A / BUSINESS & INDUSTRY

Linking Strategy to Operations

Management accounting innovator Robert S. Kaplan discusses the evolution of activity-based costing, the balanced scorecard and a new comprehensive management system that incorporates all his previous work and more.

In Our Opinion

CPA Mobility

Freedom of choice is good for businesses and consumers .

AUDITING

Better Brainstorming

Now that several years have passed since the first SAS no. 99 brainstorming sessions were implemented in 2002, academics, regulators and practitioners have had an opportunity to study which aspects of these sessions are most effective. Recommendations in this article, based primarily on studies of auditrelated brainstorming, are designed to boost the productivity of these sessions.